The Tourism Authority of Thailand signed a memorandum of understanding with the Office of Insurance Commission (OIC) on Thursday, to create low-cost insurance schemes for foreign tourists that start at just 650 baht per person.

Thawatchai Aranyik, the governor of the Tourism Authority of Thailand (TAT), and OIC secretary-general Prawet Ong-atsitthikun yesterday signed the MOU for the low-cost insurance project, which will see participation by Muang Thai Insurance, Siam City Insurance, Chao Phraya Insurance and Krung Thai Phanit Insurance companies.

The “Thailand Travel Shield” insurance scheme allows foreign tourists to voluntarily purchase insurance to ensure protection against threats that may not be covered by the tourists’ primary insurance.

Such threats include riots, terrorism and political turmoil. The premium for Thailand Travel Shield is between 650 baht and 12,000 baht. The duration of coverage spans from a week to one year. Thailand Travel Shield will be put on offer to tourists starting today (July 25).